Australian Bauxite Limited (ASX:ABZ) (ABx) is pleased to announce it has raised A455,850 via a Share Purchase Plan ("SPP"), which ran in conjunction with a placement to sophisticated, eligible and/or professional investors.
The combined fund raising totalled over 2 million in line with directors' projections.
ABx said it received applications for a total of 1.17 million ordinary shares from existing eligible shareholders, and that the SPP was now closed.
Together with the placement proceeds, existing funds available to ABx in cash reserves are in excess of 3 million.
The SPP funds will be used to progress ABx's drilling and development programs and to provide working capital.
ABx Managing Director Ian Levy said: "The ABx Board and staff acknowledge this impressive shareholder support at an important stage in the company's development."
The allotment of the shares and despatch of holding statements will be completed before 20th July as previously advised on 13 June 2012.
JORC Compliant Resource Statements
The following are Joint Ore Reserve Code ("JORC")-compliant Public Reports released to the ASX declaring the JORC resources referred to.
These can be viewed on the ASX website and the Company will provide these reports, free of charge on request.
1 08/05/2012 ASX Inverell JORC Resource Update, 38.0 Million Tonnes
2 30/05/2012 ASX Goulburn-Taralga Bauxite Resource up by 50% - 37.9 Million Tonnes
3 15/08/2011 ASX Maiden Guyra Resource, 6.0 Million Tonnes
4 29/07/2012 ASX Binjour Maiden Resource, 24.5 Million Tonnes